Landlords unhappy with high letting fees

A new National Landlords Association (NLA) survey has found that almost three quarters of landlords feel that their letting agents’ renewal fee is too high and not proportional to the work they put in.

Landlords in London and the South East are paying anything from 5 to 15 per cent of the annual rental income compared to a fixed fee of about £50 for those with properties in the rest of the country.

This seems to be a hefty price to pay to keep existing tenants in the property.

A trend that was also picked up by the survey is almost 90 per cent of landlords believed that this type of renewal fee was putting off landlords from using letting agents in London and the South East.

The NLA said it was fully supportive of the Office of Fair Trading’s (OFT) case, against the lettings agent Foxtons in the High Court, which will include the renewal fees paid by landlords.

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06/06/2008 16:15:50